The property price indices are based only on caveats lodged with "Option exercised" as grounds of claim.
A caveat is usually lodged by the purchaser to protect his/her interest soon after an option to purchase
a property is exercised or a sale and purchase agreement is signed.
The price of properties excludes stamp duties, legal & agency fees and other professional fees. It is the
agreed purchase price of the property between the purchaser and the vendor as entered in the caveat form.
En bloc sales are not included because the prices of en bloc sales are usually higher than normal.
The information used to compute the property price indices and median prices are obtained from caveats
lodged with the Singapore Land Registry. Copies of caveats lodged are collected daily from the Singapore
Land Registry. Additional information on property type and land/floor area are obtained from records kept at URA.
To compute the price indices, transactions are first grouped by property type and locality. The grouping is
selected on the basis of frequent transactions and similar prices ($ per sq m). The median price in each group is used to compute a sub-index.
The price index of a particular property type is the weighted average of all the sub-indices of that property type in the various planning areas.
Prior to the 4th Quarter of 1998, the price indices were computed based on weights assigned to the various property types in each locality.
The weights are derived from the value of transactions for each property type in each locality in a fixed year called the base year (= 1990).
From the 4th Quarter of 1998, the price indices were computed based on the Moving Average method. This means the weights are computed based on the moving
average of the value of transactions over the last 12 quarters, instead of being based on the value of transactions in a particular year.
The weights in the price indices are therefore updated quarterly so that they are as current as possible.
a) Private Residential Price Index
Besides an overall property price index for private residential properties, sub-indices for detached, semi-detached, terrace houses, apartments and condominiums are also compiled.
HDB flats and other public sector buildings are excluded in the compilation of the property price index.
For each type of residential property, sub-indices by Planning Region are also compiled. Singapore is divided into five Planning Regions, viz. Central Region, East Region,
North-East Region, North Region and West Region. Each Planning Region consists of several planning areas. As certain Planning Regions may have very few transactions of a
certain type of property, not all the five Planning Regions will have a sub-index compiled for each type of property. For example, sub-indices for detached houses in the North
and West Regions are not compiled as most of the transactions involving detached houses are concentrated in the Central, East and North-East Regions.
b) Commercial Property Price Index
For commercial space, indices for office and shop as well as sub-indices by locality are compiled. As most of the office and shop space are concentrated in the Central Region,
sub-indices for the outlying regions are not compiled. Within the Central Region, the locality classifications used are Central Area and Fringe Area.
The rental indices for office and shop space are compiled by URA.
The rental indices for private residential and industrial properties are compiled by the Inland Revenue Authority of Singapore (IRAS).
The rental indices for office and shop space cover space owned by the private sector only.
The rental indices for private residential and industrial properties cover properties on IRAS' Valuation List,
excluding HDB flats and industrial properties rented out by JTC and HDB on leases of 3 years or less.
Rental data for office and shop space are collected through a mail survey conducted on owners of commercial buildings.
Rental data for residential units and industrial space are obtained from IRAS' records.
Rental Indices for Office and Shop Space
The rental data are grouped into cells by locality. The grouping of the areas is determined by the concentration of the particular
type of property and the closeness in rental per sq m. As most of the office and shop space is concentrated in the Central Region,
sub-indices for the outlying regions are not compiled. Within the Central Region, the locality classification used which follow
largely the planning areas are Downtown Core, Orchard, Rest of Central Area and Fringe Area.
Demand and Supply of Completed Properties
The supply (or stock) of completed private residential units covers detached houses, semi-detached houses,
terrace houses, apartments and condominiums. Cluster housing, townhouses, strata detached and semi-detached
houses are included under the above different forms of housing, e.g. cluster terrace housing is included under terrace houses.
Apartments include HUDC units and dwelling units above shops.
The statistics before the 1st Quarter of 1995 cover only units completed after 1973. From the 1st Quarter of 1995,
the statistics of private residential units were expanded to include all available (occupied and vacant) private residential units in Singapore.
From the 2nd Quarter of 1996, HUDC units that have not been privatised, apartments above shops and privatised residential units previously
under the Government Housing Scheme for employees were also included in the statistics.
The supply (or stock) of completed offices and shops covers office and shop space in commercial buildings as well as those in Housing & Development
Board estates and shophouses. However, it excludes office and shop space which is ancillary to factory/warehousing developments.
The supply (or stock) of completed hotel rooms covers only rooms in hotels which are gazetted under the Singapore Tourism (Cess Collection) Act.
The supply (or stock) of completed factories and warehouses covers factory and warehouse space in industrial buildings.
However, it excludes shophouses converted to factory or storage space and transit storage space located within port areas.
In the case of factories, the statistics are categorised into multiple-user factories and single-user factories.
The supply (or stock) of available private residential units and available commercial and industrial space is updated quarterly based on information in
Temporary Occupation Permits (TOP)/Certificates of Statutory Completion (CSC), permits for change of use and demolition.
The vacancy rate of private residential units is based on a survey. Due to the large number of private residential units, the survey on their vacancy rate
is conducted on a random sample basis every quarter. The vacancy of the sampled private residential units is inferred from the consumption levels of water
and electricity as recorded by the Power Supply. Field visits are carried out for doubtful cases.
The statistics on vacancy rates of offices, shops, factories and warehouses are obtained mainly through mail questionnaire surveys. All completed and
partially completed developments (i.e. when TOP or CSC is issued) are covered in the surveys. Owners or managing agents of the commercial or industrial
developments are the respondents of these quarterly surveys. However, the vacancy rates of shophouses are obtained through field visits.
For gazetted hotel rooms, the number of available rooms and room nights and the occupancy rate are provided by Singapore Tourism Board.
Launches and Sales
All new residential projects that are issued with sale licences by the Controller of Housing are covered.
Under the Housing Developers (Control and Licensing) Act, a developer licence must be obtained to develop a project with more than 4 units.
The units can only be sold by the developer if the developer licence permits the sale of the units before
they are completed and after the building plan approval for the development is obtained.
The information on the number of units launched and sold by developers is obtained from quarterly surveys on developers with sale licences.
Supply in the Pipeline
The statistics cover all developments under construction as well as planned developments.
A project is deemed to be under construction when a permit to commence building works in respect
of that building is issued by the Commissioner of Building Control.
In the case of a public sector project for which this permit is not required,
the project is considered to be under construction once the first tender is invited.
Where the contractor is selected by pre-qualification or close tender, the date on which the
contract is awarded is used.
Planned developments are developments on which construction has not commenced. They comprise:
a) projects for which Provisional Permission, Outline Provisional Permission and/or Written Permission from URA has been granted;
b) projects for which plans have been submitted to URA for planning approval and which are under consideration;
c) projects on awarded Government Land Sales sites for which plans have not been submitted to URA for planning approval;
d) projects on Government Land Sales sites which have been announced for sale or launched for tender; and
e) planned public sector projects for which plans have not been submitted to URA for planning approval.
The data are obtained from a combination of administrative records from the Development Control Division,
URA and the Building and Construction Authority.
The layout and wordings was last reviewed on Monday 14 May, 2007